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. >> in europe, google faces anti-competition measures. >>> in the united states, ben bernanke gets ready to outline an exit strategy to a skeptical congress. >> a warm welcome to "worldwide exchange." i'm chloe cho in asia. it's just past 5:00 p.m. in singapore. let's check on where the asian markets are wrapping up the trading day. mostly weaker today on the back of weaker consumer confidence numbers. and toyota lows taking the nikkei lower by 1.5%. the hang seng off 0.75%. on the other hand, we have the shanghai composite erasing all of its earlier losses, pushing higher by 1.3%. a lot of speculation in small cap stops and what may be linked to the national people's congress set to kick off next friday. other markets are weaker, the kospi down 1%. the bombay sensex has been trading around the front line. the aussie market asterisk comes off the table, a lot of commodities and resources lower. the s&p/asx 200 down .5%. let's check on the ftse cnbc global 300. slightly off 0.4% at 4,315. good morning, becky. >> good morning. it's about 10:00 on the continent. european markets have been t
. the president, mr. bernanke, secretary lahood, testifying on the toyota issues on the hill. let's take a breakaway. we're going to watch them all and bring in john harwood, steve liesman and andrew par menty yea, managing partner with height analytics and open the discussion here. steve, you've been listening to mr. bernanke sum it up for us. what are the three or four bullet points. >> he reiterate that the fed will remain exceptionally low. that was a little bit more dovish than maybe some expected. you see the bond market rallied a bit. the dollar kind of hung in there. stocks have done better while bernanke's been talking. interesting comments on the volcker rule where i guess he's in opposition to the president's strong ideas about banning proprietary trading by the banks. he's saying you can do that idea, but it's frouth with danger and a better way might be to give the regulators authority to limit risky activity. he's got a less or thoughdox version of the volcker rule which is what is already in the house bill >> he also made interesting comments on deflation because one of th
call." i am trish regan and we are 09 minutes into today's trading. market lower amid ben bernanke's comments and we'll talk about the fed's exit strategy and what it means for your money right now. hey there, larry. >> hey, trish. i'm larry kudlow, conflicting reports on whether there's a european plan to bail out greece. we'll have a live report from brussels and we'll discuss what needs to be done right here. good morning, melissa. >> as toyota's problems mount we ask are cars just too overengineered and sophisticated computers doing more harm than good. this is "the call" on cnbc. >>> it looked like it was going to be a positive day on this snowy morning in new york city as traders remained optimistic that there would be a bailout for greece, but then germany said there was no imminent plan and the rallies stalled and after ben bernanke announced the fed's exit strategy. take a look at how the s&p 500 is trading. it is down seven points on the day and it's two-thirds of a percentage point. take a look at the dow, it's down 59, almost 60 points and that's 0.1% and sitting below
on a bailout for the debt-strapped country. >>> on exit strategy, ben bernanke unveiling his plan for the fed's next move. and the house of mouse, disney posting strong quarterly results and investors are responding. a cnbc exclusive with ceo bob ieger, "squawk box" begins right now. >> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick. joe and carl are out today. steve liesman is spending the week on set with me and this morning we are joined by "fortune" magazine editor andy soerwer. >> good to be here. >> meantime, wall street is bracing for a winter storm this morning as the second snowstorm in a week descend eds on new york. washington, philadelphia, they are expected to be hit and hit hard. the federal government in washington is closed for a third straight day at an estimated cost of $100 million in lust productivity. government offices in boston, baltimore and philadelphia all announcing that they will be closed. congress, by the way, is canceling votes and rescheduling hearings. the united nations headquarters in new york city shutting down schools all th
, fed chairman ben bernanke has returned to capitol hill this morning. and investors are looking for more clues on the central bank's next move. and the markets at this hour have u.s. equity futures under a bit of pressure after yesterday's rebound as "squawk box" begins right now. >> welcome to "squawk box" right here on cnbc. i'm becky quick along with joe kernen at the cnbc world headquarters. carl is in washington this morning where president obama is hosting a televised health care summit. we'll have more from carl on that story. but joe, that's not the only news in washington today. >> no, it's not. we may pipe in that music with carl down there and he'll be looking good. he'll have his jacket on. >> he always looks good. >> yes, he does. also in washington, carl is there, but also this other guys that's going to show up. that's not really what all the scuttlebutt is going to be about down there. it's about carl. but ben bernanke will come back and testify on the hill today. yesterday he pledged to continue record low interest rates for, in his words, an extended period. >>
. >> if you want to keep jobs here, you have to find a way to incentivize corporations. bernanke's height rate plan. we will take a look at the policy shift. >> it costs $150 billion a year to treat alzheimer's. medivation is helping find a cure. the stock is up 80% of the year. their ceo joins us about their late stage development drug. >>> the fed is set to unveil its rate hike plan. it is going to be a delicate balancing act for policymakers. steve liesman heads big reporting on this story for weeks, months, maybe years, joins us now with the very latest update. steve, what are they cooking up? >> you know, the question, you know, fed chairman goes to the hill wednesday. the question is whether we will hear anything new from the considerable talk from the fed already about the exit strategies which we reported quite a bit. fed has been transparent about the plans to unwind easy policies. not necessarily in one place. the reason the fed wants to let markets know what it is cooking up for the piece. but afraid too much talk to believe war over the financial cries sis over. the fed does want t
't paying attention. my lead of the bernanke speech was discount rate to be hiked. my lead on the minutes was -- >> it sounds like -- >> let me finish, melissa, just be clear, my sources are telling me in the wake of this that the concept there's another bit to come is not necessarily true. they may stop here. so the idea that somehow they're just beginning this process of going back to 100 over on the fed funds is not true. it's out there in a lot of stuff. they may stop here. >> rich bernstein -- >> i want to ask both of you. do you think fed funds december 31, 2010 will be higher than they are today? >> well, let me answer that question and put it back to you. the typical forecast, is that the unemployment rate will be 9.5% or higher. also, that the inflation rate over the last year will be 1 to 1.25%. i have to ask you if you think at that point the fed would begin to tighten? you tell me. >> first of all, i think the bond market will -- i don't think the bond market looks at core. i hate to argue with on you this one, but if we find the inflation rate starts breaking 3, 3.5, we break
the height of the economic crisis. ben bernanke was expected to testify but the hearing was canceled because of the snow. bernanke says the fed will likely raise it is interest rate it pays banks. raise the rate but analysts say that could hurt folks looking for consumer loans because banks have incentive to sit on their money rather than lend. this is the cycle and we're gob to move forward. bernanke says the move is months away and claims it's best for the fed to recoup the money it loaned out. you may wonder why would the federal reserve do something to make it more difficult to get loans? at the same time, the obama administration wants banks to extend loans to small business to say they can hire more workers. it's a central component of the job creation plan. major garrett has more. how can each happen at the same time, as if i didn't know? >> i've talked to senior administration officials and of course the federal reserve is an independent agency, the white house and treasury department don't like to talk about the policy but the federal reserve and government are more interlinked sinc
't you tell us what you think after hearing a couple days of bernanke's testimony on the hill. does it change your outlook on what the fed is doing? >> no, as long as they use the magic words, extended period, we know the fed will be on hold for at least six months. that's what bill dudley told us. he said extended period was the language the fed has put in the policy statement, means at least six months. it was a phrase repeated by st. louis fed president bullard recently. so whenever bernanke puts his word in on it as well, we can feel assured that the fed is not likely to move for at least six months. the fed needs to be very clear at this day and age. so if they're telling us that that's what extended period means, that's what it means. and so, until there's some other clarifying comments, that's what we have to go on. >> we had somebody who told us yesterday that maybe they could move 25, 50 basis points. it's not the extended period but they're focusing on the incredibly low rates. either one of you guys quily think that's the case? >> the focus is on the extraordinary program
tonight. thank you. the federal reserve chairman ben bernanke laid out the blueprint for the fed's plan to recoup all the money it loaned out in the great recession and in turn winding down the stimulus program. bernanke issued a statement saying the fed will try to raise the interest rate it pays banks to keep money in the u.s. central bank. analysts say that way banks would be less inclined to put money on risky investments. but they also say that could hurt consumers because those banks would have more incentive to sit on their money and earn interest rather than lend it out to you and me. but, bernanke says the plan will not be implemented until the economy is on a firmer footing. on wall street, the stock market managed to steady itself before the closing bell today. after hearing bernanke's plans concerning the central bank, stocks suffered sharp early losses before reversing course later in the day. the market ended up just about where it started. the dow dropped 20 to close a little bit above the 10,000 mark. the nasdaq down 3. the s&p off 2. while the fed works on the financial
news from ben bernanke, who gave testimony to nobody because of the snow. testimony which said he isn't going to tighten until the economy gets better, bizarrely. those comments initially send the market down hard. it made me think, what does the market say, what is wall street saying to him. they wanted to say, i'm going to plug the market with money even if things get good. would they have preferred them to tell us all is well, and i'm tightening right now? thankfully bernanke continues to do the right thing. i'm calling him the grown-up in chief. finally, i think we're going to see a real stimulus package coming out of congress. a bipartisan effort that will produce real jobs that use real equipment and fix real infrastructure. are you listening my friend? that's big news. it signals that the administration may be able to walk, chew gum and botch health care reform all at the same time. the bottom line, we slip through obama and china today. maybe this is the beginning of something big that will permanently sideline our two least favorite sea monsters. or maybe it's just a breather
'll see what fed chairman ben bernanke has to say on tuesday and wednesday. he may shed a little more light on what the fed's policy actions yesterday and what they may be in the coming weeks and months. >> alex, what do you expect next week from bernanke and what do you think the reaction will be? >> it's two different things. i expect him to do nothing. what i would hope he does is raise rates. in the energy market you have a complete disconnect between fundamentals and price. if you look at the amount of crude, heat and gasoline in storage, we're at absurdly high levels but the price is also ridiculous and it's ridiculous because the dollar is so weak. so unless he does something and does what he should do you'll have crude continue to just drag itself higher with a weakening dollar and that's an unfortunate thing because it really doesn't help anybody. >> where do you think, alex, prices are going to be at memorial day on oil? >> i think what's going to happen is that i'm tending to fight this. i think that they want to push it towards $80 but i think it runs out of gas around the
. the fed was very clear about that in its statement. ben bernanke was very clear about that. we have to take them at their word. banks are still nursing a lot of wounds. >> they can say that all they want but the truth is rates are going to go up. for most americans that is the most important rate. >> well, so, they're not expecting a big increase in mortgage rates actually. when they stop buying mortgages in march. and to the extent that mortgage rates do go up, you know, think if anything it gives them less of an inclination to raise the fed fund rate further down the road. if you ask me, the odds of a feds fund rate increase later this year have actually gotten down in the last 24 hours and gone up because the number was soft. the soft cpi number means the dove have a strengther hand. they're saying we've got to keep rates low for a long time. the feds said this technical discount rate did not change the broader view of where the financial system and the economy are. >> can you explain why, then, they did this in an emergency way? they have this meeting where they make this decisi
me, i'm chaled. >> and what are you expecting to hear from bernanke on capitol hill tomorrow? you say restraint is needed. why and when? >> well, you know, the reason i think that restraint is needed is because i think that he may be getting a little bit behind the curve. the reason i say that is a lot of the so-called leading indicators of inflation, my work, suggested inflation in 2010 is going to be higher than the consensus expectation. so the consensus expects inflation to be around 2%. i think it could be over 3% in 2010. and i think bernanke needs to start move towards restraint, in other words, start to move towards some of the excess liquidity driving this inflation. so i think sooner as opposed to later. i actually think that if he starts to move towards restraint wibt might lead to an increase in bank lending, which is sorely acting. but nevertheless, i think he needs to move towards restraint sooner than the consensus believes, not later. >> that's what i wanted to ask you about. we're getting comments in from the fed's bill dudley who says small banks are fuelling the pre
. and with dr. bernanke scheduled to speak tomorrow, our sense is that that trade will be relatively quiet here. a high volume area last week was around 1064 even. we'll probably bing bong back and forth on that trade waiting for dr. bernanke or for further developments in europe. >> what's your view, jamie, about today's trade and whether you believe in the bounce we are likely to get, at least at the open? >> well, i think the most encouraging part is that this rally is coming from european financials. you can see all those works up markedly on yesterday's trade. domestically, local ibs have been overwhelmed by this european crisis. unemployment was a great number on friday. it exceeded expectations. earnings continue to be strong. we seem to have been weighed down by euro. if that turn around and those financials continue to hold these gains, it could be very good things domestically. >> jamie, most of the guys you trade with trade according to technical analysis charts and yada yada. let me run this by you. the day before yesterday, which was a monday, right? yeah. did monday look like a sh
this demand in the seven-year gives me -- >> the significance of ben bernanke talking about, one, the potential financial instability with the large current account surplus that china has to the u.s., he talked about financial instability. >> also talked about goldman and greece and they're looking into what goldman and other banks in "the new york times" reported to have done relative to greece, take the other side of the trade. first they put them into sovereign debt and then took the or side of the trade. let's hear what the fed chairman had to say about this. >> well, very serious challenges there involving not only fiscal issues but competitiveness issues because of the single exchange rate. but you know, we have talked to the european union leaders. they are obviously very focused on getting the problem solved. >> that's the wrong bite. he said they're looking into this. >> very routine, right? a lot of times you play one side, another part plays another side. it's very routine. >> i'd be interested in engaging the conversation of this. i'm not sure what the value is taking
. people still point to may of '07 when bernanke says subprime is 9% of mortgages, right? they're not infallible. and we can't expect them to be, i guess, is the answer, right? >> none of us is infallible. if you didn't learn that, you missed something over the course of the past three years. >> dan's with us for the rest of the program. we've got a lot more to talk about. >>> meantime, any questions or comments this morning, we'd love to hear from you. our address is >>> when we come back, european exposure, debt crisis overseas, how some u.s. companies might be impacted. >>> still to come, olympic skiers headed to the starting gate at whistler while bankers in new york await a possible auction. we'll get an update from daniel nu mudd, the ceo of fortress, just ahead. >>> time now for today's "aflac trivia question." what baseball player nicknamed the georgia peach amassed 4,189 hits in his career? this is not more benefits at greater cost to your company insurance. this is not how does it fit in my company's budget insurance. this is help protect and care for
. your dreams. more within reach. meet us at >>> ben bernanke. >> yes. >> who oversaw the collapse of not only the united states, but pretty much the entire world financial system. >> right. >> and brought our economy to its knees has been reappointed as head of the fed. >> right. >> does this give you hope for being re-elected governor of new york? because may i remind you, he screwed everybody. >> wow. >> eliot spitzer taking shots from colbert last night. here with us now, founder, editor of, tina brown. >> good morning, everyone. >> great to see you. we'll get to your explosive piece about andrew young. have you quite a bit to say about john edwards' body man. we may have to bleep that. but first, maureen dowd's don't ask, don't tell op-ed. she writes in part -- tinea it was a pretty remarkable day on capitol hill. >> i thought it was pretty believing. very moving indeed. one does ask whether it will ignite a cultural war thing and distract. that's the only thing that scares me, we do need to be focused on jobs now. the timing seems strange. but h
's an interesting idea. bernanke yesterday mentioned that the spike in jobless claims might have been at least partly related to the weather. i would say there's a little more uncertainty than maybe mr. knapp suggests as to whether or not this is weather related or how much of a comedown we're getting from that fourth quarter gdp which was very strong and as you said revised up, erin, to 5.9% from 5.7%. it is interesting to look at the details and where the strength was to kind of figure out whether or not, how much of that is going to continue. what you see when you look at it is the consumer was pretty weak at one point, 7%, and nobody thinks that's going to be any stronger in this quarter. business spending was very strong. that's a wild card. that could continue. exports strong again and of course the big part of that not shown here are the inventories -- inventory numbers. this conference, though, is going to be about the fed policy and the fed's role put on here by the university of chicago's school of business. there are going to be no less than four members of the federal market commit
bernanke also kept the market in check. he outlined the plan that the central bank will follow once the economy has recovered. bernanke was scheduled to deliver the testimony in person to a congressional panel, but the wearing was postponed because of, well, the storm. weather permitting, tomorrow we'll get the latest readings on jobless claim ace long with earnings on pepsico and viacom. and did i happen to mention it's snowing here? >> yes. is it making you a little grouchy? >> i'm not grouchy, i'm not going home. that's what's happening. >> hang in there. one year after hayleigh cummings vanished from her home, we hear from her father in jail on drug charges. we're going to talk about that next. >> the nasty winter weather is making roads deadly. earlier we showed you the stretch of interstate 80 in central pennsylvania. we have now learned, at least one person was killed after about 50 vehicles were involved in crashes. this is all in clearville county. another is said to have a serious leg injury because of all of this. no one is really going to go anywhere on the east coast to
bernanke scheduled to testify before a house committee today. but this was all about unwinding the fed's $2.2 trillion emergency liquidity programs. the hearing has been postponed but his prepared testimony will be released at the top of the hour. several economic reports also being delayed today. on wall street expect light trading volume as folks focus more on the snow and less on stocks. despite all that, the dow is expected to continue to rise after yesterday's 150-point gain. investors are hopeful thedisney network rebounded but the theme parks continue to struggle. same for the movie studios. >>> google launching a new social networking service called the google buzz. it will allow users to post photos and links to their websites. yahoo! an microsoft claim they've been running similar services for years. >>> early numbers here, looks like we're down but just ever so barely. off 12 points. 10,046. still above 10,000. nasdaq off fractionally at this time as well. >>> finally, one more note. southwest airlines has slashed its ticket prices until tomorrow. the carrier is selling one-way t
bernanke was scheduled to testify before the services committee and not any more. the hearing was postponed and may still release a plan at the top of the hour. it is expected to outline the bank's central plan and unwind programs that waere designed to get out of the crisis we're experiencing. disney says its fourth quarter results reflect, they are putting off travel plans to the last minute. the company had to rely on discounts. >>> finally, robin, we did a little digging, snow digging. 41 years ago today, that was the last time the new york stock exchange was closed for snow. last full snow day that they've had. no worries, they're at it today. they're down there and the nyc is open. it's kind of weird. 41 years ago today. >> they officially closed them, but not today. >> not today. >>> bracing for a blizzard is even tougher when you're already recovering from record-setting snow storm. how the nasty weather is affecting thousands of flights and a morning commute. this is from washington, d.c., i can tell. mostly from the call letters. >>> plus, one of tiger's alleged mistresses says he
Search Results 0 to 21 of about 22